As we look ahead to 2021, there are certain requirements that homebuyers and renters are looking for, and property flippers need to plan accordingly. Partly driven by the pandemic, partly driven by technology, fix and flip projects are taking on a new look as investors think ahead to making sales in the upcoming months and into the new year.
1. Designated office space tops the list
The COVID-19 pandemic saw a lot of people transition to remote roles. While working from home has its benefits, it also has some accompanying challenges. Households that were previously unused to having one or two people working from home had to deal with distractions and a lack of space. Moving forward, homebuyers and renters are looking for places with designated office areas so they can concentrate on school and work without disruptions.
2. Smart appliances are trending up
Smart appliances are nothing new, but they usually fell into the “want” category. As local and state governments implement new guidance and restrictions, renters and potential homeowners are embracing technology, and smart appliances have shifted into the “need” category. People do not want to have to go to the laundromat, they are shopping for groceries less frequently, and home security has taken more of a precedent. While people were already adopting the amenities offered by smart appliances just prior to the pandemic, they have become a staple on the list of things people are looking for in apartments and homes, which allows property renters and sellers to increase their prices.
3. Renters are emphasizing property maintenance
From a practical perspective, consistent property maintenance makes sense. Renters want clean hallways and laundry rooms, because that reinforces the care placed on keeping rental properties sanitized and disinfected. Even landscaping and well-maintained exteriors have a large beneficial psychological impact on renters. People are willing to pay a bit extra to peace of mind, and regular property maintenance on multifamily residences attract and retain better and more mindful tenants.
At The Capital Rams, we provide financing solutions for property flippers, as well as property owners with single and multifamily rentals. Whether you are looking at a new acquisition, or if you want to renovate existing properties in your portfolio to meet the demands of renters and buyers heading into 2021, we can help. Contact The Capital Rams today to explore your financing options.